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Mayor wants to reduce funding to Investment Committee

Torbay’s mayor is once again at loggerheads with his own Conservative colleagues over his plans to put less money into Torbay’s investment committee than what is being asked for.In July’s council meeting the mayor’s recommendation to approve the Investment Fund Strategy was objected to on the basis that the amount of money within the Investment fund should see a much bigger increase than the additional £50 million set out in the recommendation and that the level of authority delegated to the investment committee should be higher than proposed by the mayor.Despite the objection, the mayor is expected to stand-by his original recommendation at this Tuesday’s meeting setting him at odds with members of his own party as well as the Liberal Democrats.

Liberal Democrat Tormohun councillor and investment committee member Nick Pentney said: “Put bluntly, the investment committee is a necessary evil. I didn’t become a councillor to become an investor. However, the fact of the matter is that Torbay badly needs revenue to provide essential services like adult social care. Torbay is struggling to make ends meet. Everyone knows why – it’s because of cuts by the Conservatives in Westminster in combination with chronic financial mismanagement by the Conservative administration locally. Investment committees in many authority areas are a proven method of creating badly needed revenue for councils to provide essential services, but only when those committees have been given the level of resource and responsibility they need to do the job. If the mayor has a better way of plugging the funding gap that he and his Conservative colleagues helped to create then we’re all ears!”

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